US DOE Reinstates $115M Grant for American Battery Technology's Lithium Refinery Project
ABAT has more than doubled off its 52-week low of $1.2.
Summary
American Battery Technology Company won an appeal, reinstating a $115 million US Department of Energy grant for its commercial-scale lithium refinery project. This is a major non-dilutive funding win, representing over 27% of the company's market cap. It significantly de-risks and accelerates the development of a critical asset. This positive news follows the company's recent report of its first positive GAAP gross profit and a stronger cash position in May.
At the time of this announcement, ABAT was trading at $3.25 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $424.2M. The 52-week trading range was $1.20 to $11.49. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Reuters.